Traders, Guns and Money Knowns and unknowns in the dazzling world of derivatives Revised edition

by Das, Satyajit

• ISBN13: 9780273731962
• ISBN10: 0273731963
• Edition: 1st
• Format: Paperback
• Copyright: 2010-07-07
• Publisher: Ft Pr

Summary

Traders, Guns Money is a wickedly comic expos of the culture, games and pure deceptions played out every day in trading rooms around the world. And played out with other people's money.

Author Biography

Satyajit Das is a leading international authority in the area of financial derivatives and treasury management. He was the treasurer for the TNT Group on Australia for six years. Prior to this he worked in the Commonwealth Bank of Australia, Citicorp Investment Bank and Merrill Lynch Capital Markets. He is the author of Swap Financing and has published widely on financial derivatives, corporate finance, treasury and risk management. He has presented seminars on financial derivatives and treasury management/corporate finance all over the world.

Table of Contents

List of figures and tables	p. xiii
Preface to the revised edition	p. xv
Preface to the first edition	p. xvii
Prologue	p. 1
Miracles and mirages	p. 2
Serial crimes	p. 5
Beginning of the end/end of the beginning	p. 9
Knowns and unknowns	p. 12
Unreliable recollections	p. 13
Summary judgment	p. 17
Financial WMDs - derivatives demagoguery	p. 19
School days	p. 21
It's all Chinese to me	p. 22
A derivative idea	p. 23
Betting shops	p. 25
Secret subtexts	p. 27
Leveraged speculations	p. 29
Under the radar	p. 32
Whole lotta swapping going on	p. 33
The golden age/LIBOR minus 50	p. 37
Warehouses	p. 40
Serial killings	p. 43
Forbidden fruit	p. 45
Derived logic	p. 50
Beautiful lies - the 'sell' side	p. 53
Smile and dial	p. 55
Market colour	p. 56
Rough trade	p. 59
Analyze this	p. 62
Class wars	p. 64
Ultra vires	p. 66
Feudal kingdoms	p. 67
Uncivil wars	p. 68
Golden rules	p. 70
Business models	p. 71
The medium is the message	p. 74
Bondage	p. 75
Tabloid cultures	p. 76
Conspicuous currency	p. 77
Ethnic cleansing	p. 79
Foreign affairs	p. 80
FILTH	p. 81
Lost in translation	p. 82
A day in the life	p. 83
True lies - the 'buy' side	p. 87
Turn of the fork	p. 88
Risky business	p. 89
Magic kingdoms	p. 91
Stripping or stacking/hedging perils, again	p. 95
Me too	p. 97
'Zaiteku' or the bride stripped bare	p. 98
The gamble in P & G	p. 101
Tobashi, baby	p. 105
Gnomes of Zermatt and Belgian dentists	p. 107
Death swaps	p. 108
Investment fashions	p. 110
Alpha, beta, zeta	p. 112
Looking after the relatives	p. 115
Agents all	p. 116
Unique selling propositions	p. 117
Show me the money - greed lost and regained	p. 121
Money uncertainty	p. 122
Toll booths	p. 123
Take a seat	p. 125
Efficient markets	p. 126
On the platform	p. 127
A day at the races	p. 129
Black swans, black sheep	p. 130
Trading places	p. 131
Secret intelligence	p. 133
Overwhelming force	p. 134
Oracle of Delphi	p. 135
Free money	p. 137
The colour of money	p. 138
In reserve	p. 140
A comedy of errors	p. 141
Black holes	p. 143
What's the number?	p. 146
Nothing like excess	p. 148
Nice work if you can get it	p. 149
Dukes of Hazard	p. 151
The perfect storm - risk mismanagement by the numbers	p. 153
Shock therapy	p. 154
Holy risk!	p. 155
Bisk spin	p. 156
Risqué matters	p. 158
Placebo effects	p. 160
Among the unbelievers	p. 162
Risk cults	p. 164
In the long run…	p. 167
Modus operandi	p. 169
Secret trader's business	p. 170
Let the good times roll	p. 171
The perfect storm	p. 172
Weather forecasts	p. 173
Endgame	p. 175
Mean risk	p. 176
Extreme sports	p. 177
Super models - derivative algorithms	p. 181
Out of the sheltered workshops	p. 182
Rocket science	p. 184
Culture wars	p. 185
Conveyor belts	p. 187
Trivial pursuits	p. 188
Grand oprey	p. 189
The quest	p. 190
Genesis	p. 193
Gospels	p. 196
Greek tragedies	p. 198
Failing the model test	p. 200
CSI (Crime Scene Investigation) 1987 - 'Oh LOR-dy!'	p. 202
CSI 1992 - ERM (extremely risky, man!)	p. 203
CSI 1998 - selling England by the pound	p. 204
CSI 1998 - Asian fever	p. 206
Model envy	p. 208
Omitted variable bias	p. 209
Games without frontiers - the inverse world of structured products	p. 211
Driving over lemons	p. 212
The best of times … the worst of times	p. 214
Ghostbusters	p. 216
It wasn't me, sir	p. 217
Heaven and hell	p. 217
Split personality	p. 220
Golfing holidays	p. 222
The flood	p. 224
Power to the people	p. 226
Recycling junk	p. 230
Six packs	p. 232
Take no prisoners	p. 234
The usual suspects	p. 236
Share and share alike - derivative inequity	p. 241
Billion dollar baby	p. 242
Self arbitrage	p. 245
Arbitraging others	p. 246
Taking it over	p. 248
Buying back the farm	p. 249
Who's fooling who?	p. 250
Strippers	p. 253
Pearls of wisdom	p. 254
Own goals	p. 257
Taxing times	p. 260
Fund times	p. 262
Credit where credit is due - fun with CDS and CDO	p. 265
Credit wars	p. 266
Credit epiphanies	p. 267
First-to-credit derivatives	p. 269
Remote credit	p. 271
Mistaken identity	p. 274
Heard it on the grapevine	p. 276
Guaranteed delivery	p. 277
Re-re-re-re-restructuring - CDS stutters	p. 279
Beyond the push and pull	p. 281
Imitation and flattery	p. 282
Tranche warfare	p. 285
It's super	p. 287
A capital idea	p. 289
The arbitrage age	p. 290
Hangovers	p. 291
UFOs	p. 292
Geeks with Greeks	p. 293
Never believe your own lies	p. 295
Russian dolls	p. 297
Black holes	p. 298
Epilogue	p. 301
The Asian century redux	p. 302
Vexatious litigation	p. 305
The more things change	p. 308
Hot tubbing	p. 310
Rogue trader	p. 313
Bangs and whimpers	p. 316
The China Club	p. 317
BOAT (Best of all time)	p. 318
Knowns and unknowns	p. 319
Afterword: Credit crunch - the new known known of financial markets	p. 321
Living in the Age of Kali …	p. 321
Supersize my debt!	p. 322
Would you like debt with that?	p. 323
The new liquidity factory	p. 325
Lying NINJA mortgagors	p. 325
The lines of transmission	p. 327
It's different this time!	p. 329
The bear comes out of hibernation	p. 330
Waiting for the other shoe to fall …	p. 331
Financial shell games	p. 333
The short and long of it all	p. 336
Model shock	p. 336
Missing the mark	p. 337
Truth in labelling	p. 339
Regulatory irregularities	p. 341
Reversion to mean	p. 342
Credit crunch	p. 343
Notes	p. 345
Index	p. 349
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